PING AN OF CHINA(HK:02318) Xin Lang Cai Jing·2025-11-21 05:33Core Insights - The overall trend in the third quarter shows a decline in the comprehensive surrender rate among life insurance companies, with nearly 80% of the 70 companies reporting a decrease compared to the first three quarters of 2024, while 15 companies experienced an increase [1][4]. Group 1: Surrender Rate Trends - The highest comprehensive surrender rate in Q3 2025 was reported by Deutsche Bank Life at 11.84%, followed by Hongkang Life at 8.59% and Ping An Pension at 7.08%. The lowest rates were reported by National Pension, Xinhua Pension, and Aixin Life, all below 0.5% [2][3]. - Among the 70 life insurance companies, 55 reported a decrease in surrender rates year-on-year, with Dajia Pension showing the largest decline from 6.5% in Q3 2024 to 1.16% in Q3 2025 [4][9]. Group 2: Product and Channel Analysis - Surrender rates are primarily concentrated in investment-linked and universal life insurance products, with significant rates exceeding 60% or even 100% for some products [11][12]. - The silver insurance channel remains a major source of high surrender rates, attributed to the nature of products sold, which are often short-term savings products that lead to concentrated surrenders once they reach their maturity [17][18]. Group 3: Factors Influencing Surrender Rates - The decline in surrender rates reflects improvements in product structure, enhanced customer management capabilities, and stabilized market interest rate expectations [1][10]. - The shift towards more flexible, short-term products has reduced early surrender pressures compared to traditional long-term savings products [10][16]. - The impact of market interest rates on surrender behavior is significant, with lower rates leading to higher surrender rates in products with strong financial attributes, such as universal and investment-linked insurance [16][17].